Case Study : ProFin

ProFin saves time with scalable IPBS investment management solution

Founded in 2013, ProFin is a financial institution authorised by the Bank of the Republic of Haiti.  With origins in financial consulting services, the company has expanded over time.  In 2016 it was granted an investment banking licence and authorised to buy and sell securities.  It has deployed the modular IPBS private banking and wealth management system to support the launch of its investment and portfolio management services. ProFin also uses the Know Your Customer and Anti Money Laundering (KYC/AML) functionality to ensure compliance with global regulatory standards.

Launching an investment management service

ProFin has developed a unique Investment Portfolio Management service for investors and savers in Haiti and the Diaspora. It gives customers access to diversified investment opportunities with the assistance of experienced executives who use international standard finance technologies to monitor and manage customer investments.

Stephane Jarbath, Head of Operations at ProFin explained, “As a new investment manager, we wanted to build our operations around a secure and proven financial platform.  Whilst waiting for our investment management licence, we researched suitable fintech solutions as well as considering whether to build in-house.  We received a recommendation for the modular IPBS platform and following online demonstrations, IPBS arranged for us to visit a few boutique securities dealer clients in Jamaica.  We heard from current users how they were using IPBS to support efficient investment management operations and how they were receiving a high standard of service.  We were convinced on all aspects and we selected IPBS as our technology partner.”

Rapid implementation

ProFin’s Investment Services Division provides private and institutional investors with a range of services to ensure the sound and efficient management of assets in accordance with their objectives and preferences. This includes practical advice and the development of personalised investment strategies, the sale of securities and management of investment portfolios.

ProFin has implemented the IPBS/Investment Management and IPBS/Business Manager (KYC/AML) modules.  The IPBS/Investment Management module is designed specifically to encompass a wide range of investment management features. These features can be streamlined for Securities Trading, Safe Custody, Corporate Action, as well as electronic market pricing data interfaces to support the Portfolio Management Valuations.

The IPBS/Business Manager is a “risk rating” tool for implementing the Know Your Customer (KYC) and Anti-Money Laundering (AML) mandate, set by regulators and the organisation’s own Compliance Officers. IPBS/Business Manager also provides support for the indicia based determination of FATCA, GATCA liability, as well as the new Common Reporting system (CRS) mandate.

IPBS/Business Manager may be interfaced to an on-site copy of a World Check or World Compliance watch list database, where licensed to do so. With Correspondent Bank “De-Risking” now taking centre stage in many of the International Financial Jurisdictions, the ability to not only scrub static client and related party data, but also international payment beneficiary/benefactor names, is seen as a significant mitigating benefit for the Correspondent’s client institution.   

Managing portfolios

IPBS sent a three person technical team to Haiti for a week to carry out the IPBS implementation as well as user training. This process included configuration, set up and testing along with user training of the ProFin operations staff.

Jarbath added, “We were all very impressed with how IPBS approached the implementation. By spending time onsite in Petion-Ville, on the outskirts of the capital Port au Prince, we were able to work as a single team to deploy a solution that matched our exact requirements. We went live in a relatively short period of time with additional remote support from IPBS.

ProFin uses the IPBS system to manage all corporate and financial accounting, as well as operations and back office processing tasks. Whenever it buys or sells a security, the entire accounting processes are automated within IPBS. This high level automation saves us a lot of time, and frees up our staff to concentrate on other client serving activities. It also minimises the potential risk of errors. 

The IPBS solution also helps with the on-boarding of new customers including capture and cataloguing of all mandated documents for parties connected to a client entity. A client’s appetite for the risk/reward correlation in an investment portfolio can be calculated and matched to a system asset allocation policy that will monitor that choice.”

ProFin operates in compliance with all applicable laws and standards. In particular, the company adheres to good practices aimed at contributing to the fight against money laundering and the financing of terrorism.  It uses the KYC/AML features of IPBS as part of ProFin’s stringent controls and checks.

Save time and ensure operational efficiency

Jarbath explains the benefits that the IPBS system has delivered:

“ProFin is the first investment manager to be granted a licence in Haiti which gives us a first mover competitive advantage.  IPBS has enabled us to offer an efficient investment management service to customers.  By automating processes, we save time and ensure operational efficiency.

We operate in a fast moving business and the agility and automation that we have with IPBS is invaluable in helping us to provide a responsive and proactive service to customers. The IPBS investment management platform is stable and reliable which is essential for a customer focused organisation.

The IPBS system is very intuitive.  We were able to go live fairly quickly and we can train new users in a relatively short period of time.  Despite being in a different country, the level of support that we receive from Bruce Raine and the team at IPBS is fantastic.  Whenever we contact them with a question, they provide a rapid service.

From the start of our relationship, IPBS has proved to be savvy about both the business and technical aspects of investment management.  They have a wealth of experience and knowledge that we benefit from.”

Future plans

Jarbath concluded, “IPBS is our strategic platform supporting technology operations at ProFin.  Thanks to the modular and very scalable nature of the IPBS system, we can progressively add more functionality to the platform as our business grows.  As a start-up, this is a very cost effective solution as we are not paying for a stack of functionality that we will never use.  The scalability will be invaluable in our evolution as a business.  The next step will be to implement the IPBS/Pension module to allow us to create and sell pension related products.  Looking further ahead we will add the IPBS/e-Banking module to give us an online customer information and reporting capability.”

Bruce Raine, Founder and President of IPBS added, “One of the key principles behind the IPBS system is that it can be deployed into almost any jurisdiction, and Haiti represents another new market that we now serve.  I am very pleased to see ProFin enjoy success with the launch of its investment management services in Haiti.  We are here to guide and support them as their service offerings mature.”